ZORA Meltdown: Secret Buys, Paid Promos & a Broken Airdrop? Here’s What Really Happened

A week ago, Base—the Ethereum L2 backed by Coinbase—unleashed a new narrative: “Coin Everything.” ZORA was one of the first tokens promoted under this banner, and excitement surged as Base’s official account tweeted about it. But behind the hype was a much messier story—one of shady on-chain behavior, zero communication, and rising distrust.

Early Buys Before the Tweet?

Even before Base officially tweeted about ZORA, wallets had already begun buying in. These were not random wallets either—they were likely connected to insiders or entities with advance notice. As soon as the tweet dropped, the price briefly pumped, only to crash immediately after launch, catching retail traders off guard. But this wasn’t just a pump-and-dump—it was part of a larger plan.

Base Promoted ZORA—But Didn’t Mention Their Stake

Shortly after the chaos, ZORA officially announced their token launch. Once again, Base heavily promoted it—but curiously, never disclosed they had invested in the project. That silence didn’t sit well with the community, and the lack of transparency became a key point of contention. Questions swirled: Was Base just hyping a token they were financially tied to, without disclosure?

Influencers Pushing a Sinking Ship?

Even as doubts grew, several prominent influencers continued to promote ZORA, driving its narrative forward. This raised even more suspicions, especially when rumors surfaced that some may have been paid by ZORA to keep the hype alive. At this point, red flags were everywhere.

Tokenomics Nightmare: 65% to Team and Investors

Then came the reveal of ZORA’s tokenomics—and it only got worse. An alarming 65% of the total supply was allocated to the team and Coinbase Ventures. Community allocation? Minimal. This structure painted a clear picture: insiders held the power, and retail was just exit liquidity.

On-Chain Red Flags: Billions Sent to Team Wallets

Blockchain sleuths soon found that 1.8 billion tokens had already been sent to team-linked wallets a month before the TGE. Some of these tokens are idle but some are already on exchanges like:

• Bybit: 0xd79fd3889ff9B50B53FA8b7Fb5ba35E4F5804F31
• KuCoin: 0x18b0F4547A89fe4C5FE84F258BeA3601FA281e9f
• Bitget: Over 30 million tokens sitting idle

Other wallets holding 100M+ ZORA tokens include:

• 0x985Ee1cCb0F2Ac6091ee54Ea30D73D6c8072Bff1
• 0x1e1Fe6F5E3359C1284774994AEA1763e190Abe34
• 0xB0E2E4ba9BD4Fc9420CD121b4E3921f9CAFefB97

This movement hinted at a premeditated dump strategy—one that left regular users holding the bag.

Then, the strangest thing happened—users began receiving ZORA airdrops without warning. Some had never used the platform directly, suggesting a mass blanket airdrop to inflate engagement numbers. But with no official claim site, no announcement, and no communication, the airdrop only added to the confusion. Worst of all, early holders saw their bags dumped on almost immediately by larger investors. ZORA is bleeding, with the token price rapidly collapsing. Meanwhile, neither Base nor ZORA has made any official statements addressing the controversies. No support. No clarity. Just confusion and frustration across the board.

Conclusion: Investors Left in the Dark

ZORA was supposed to represent the next chapter in Base’s ambitious “Coin Everything” vision. Instead, it’s become a case study in how not to launch a token. From early insider buys and silent paid promotions, to team-heavy tokenomics, mysterious airdrops, and zero transparency, $ZORA has sparked a serious backlash.

For now, retail investors are left asking:
Did we just witness the fastest rug on Base?
And most importantly:
Will there be accountability—or just more silence?